Sean A. O’Neal of Cleary Gottlieb Steen & Hamilton LLP, who is representing Genesis in its bankruptcy, said in a statement to Law360 that by returning the cryptocurrency in kind, Earn user creditors will see a higher recovery.
“Unlike many crypto cases, Genesis did not seek to cap creditor claims at petition date values. Our goal has been to maximize creditor recoveries,” O’Neal said.
Genesis Global returns $2.18 billion
Counsel for Gemini also highlighted the settlement’s return of Earn user assets on a coin-for-coin basis.
“Throughout the restructuring process, Gemini steadfastly advocated for its users and, as a result of these efforts, was able to obtain a completely unprecedented 232% overall recovery for Gemini Earn users,” said Anson B. Frelinghuysen of Hughes Hubbard & Reed LLP in a statement.
Genesis is represented by Sean A. O’Neal, Luke A. Barefoot, Jane VanLare and Thomas S. Kessler of Cleary Gottlieb Steen & Hamilton LLP.
Gemini is represented by Anson B. Frelinghuysen, Dustin P. Smith, Erin E. Diers, Jeff Margolin, Carl Mills, Elizabeth A. Beitler, Libby Ro and J. Scott Sanders II of Hughes Hubbard & Reed LLP.
